BP to develop Indonesian retail fuel business with AKR Corporindo

Oil major BP has signed an agreement with Indonesian petroleum and chemicals logistics company AKR Corporindo for the joint development of a "differentiated" domestic fuel retail business, BP said in a statement.

The joint venture will form a company, PT Aneka Petroindo Raya, which will operate as BP AKR Fuels Retail, and expects to open its first retail site in Indonesia in 2018, the statement said.

"We are delighted to be working with AKR to help meet Indonesia's growing demand for fuels and provide superior convenience offers," BP downstream chief executive Tufan Erginbilgic said.